Basic and Diluted Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2022

Basic and Diluted Net Income (Loss) Per Share

The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders, which excludes Sponsor Vesting Shares which are legally outstanding, but subject to return to the Company. Basic net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted-average number of common shares outstanding during the period, plus the dilutive effect of the stock options, RSU awards, and convertible preferred stock warrants, as applicable pursuant to the treasury stock method, and the convertible notes, as applicable pursuant to the if-converted method. The following table sets forth the computation of basic and diluted net income (loss) per share:


(In thousands, except for share and per share amounts)	Three Months Ended March 31,
	2022		2021
Numerator:
Net income (loss) attributable to common stockholders—Basic	$	7,346	$	(53,571)

Net income (loss) attributable to common stockholders—Diluted	$	7,346	$	(53,571)
Denominator:
Weighted-average common shares outstanding—Basic (1)	136,825,016		62,652,947
Stock options	4,880,252		—
RSU	27,135		—
Weighted-average common shares outstanding—Diluted (1)	141,732,403		62,652,947
Net income (loss per share)—Basic	$	0.05	$	(0.86)
Net income (loss per share)—Diluted	$	0.05	$	(0.86)

(1)Excludes weighted-average Sponsor Vesting Shares subject to return of 4,500,000 shares as of the three months ended March 31, 2022.

Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. As of March 31, 2022, options for 1,481,531 shares of common stock, performance awards for 2,634,498 shares of common stock, earnout shares for 25,000,000 shares of common stock, and Sponsor Vesting Shares for 4,500,000 shares of common stock were excluded from the table below because they are subject to market or performance conditions that were not achieved as of March 31, 2022.

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	Three Months Ended March 31,
	2022	2021
Options to purchase common stock	—	8,104,740
Warrants to purchase common stock	35,476,627	—
Warrants to purchase redeemable convertible preferred stock, as-converted	—	5,554,470
Redeemable convertible preferred stock which is convertible into common stock	—	42,091,575
RSU awards	763,778	—